Reinsurance News

Accessing the catastrophe bond market as an alternative form of retrocession, is something Bermuda-headquartered reinsurance company Conduit Re is “actively considering”, according to Trevor Carvey, CEO.

The current hard reinsurance market environment is exactly the right time to expand in natural catastrophe risks, according to Munich Re CFO Christoph Jurecka, who explained today that the reinsurer is growing its nat cat exposure within risk tolerances, to capitalise on higher pricing.

The Board of Florida’s Citizens Property Insurance Corporation approved a slightly smaller budget for its reinsurance and capital market risk transfer purchases than expected yesterday, but market conditions are improved somewhat it seems and, while pricing is higher, the insurer of last resort is seeing positive momentum, especially with catastrophe bonds.

The insurance and reinsurance industry loss estimate for Cyclone Gabrielle’s impacts in New Zealand has been lifted by 25% to NZ $1.925 billion by PERILS AG.

After a first-quarter and April reinsurance renewals of growth, global player Munich Re now says the chance it surpasses its full-year guidance for 2023 has increased.

Bermuda-based insurer and reinsurer Everest Re Group sees a clear opportunity for expansion at the upcoming reinsurance renewals, launching an equity capital raise that was quickly upsized and could provide the firm close to $1.5 billion in new firepower.

SageSure, the expansive catastrophe exposed property underwriting specialist managing general underwriter (MGU), has received significant backing from two prime companies in the re/insurance and investments space, insurance origination and distribution specialist Amwins and private investor Flexpoint Ford.

Catastrophe reinsurance providers hold most of the cards for the impending Florida renewals at June 1st, with even legislative efforts to improve the situation “missing the mark” in some cases, a market update from Stonybrook Capital states.

Legislative changes undertaken to reform the Florida property insurance space have “mitigated some of the investor and reinsurer negative sentiment” surrounding exposure in the state, according to United Insurance Holdings Corporation CEO Dan Peed.

The third session of the day at our Artemis ILS NYC 2023 conference, held in New York on February 10th 2023, saw industry leaders discussing the Florida insurance and reinsurance market, exploring the state of play and how it come overcome some of the challenges that are faced.